Industrial Development Revenue Bonds Schilling's Sales Co Inc

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and may be executed in amounts not to exceed Two Hundred Fifty Thousand Dollars ($2505000.00), repayable with interest thereon at a rate not to exceed eight and seven - eighths percent (8 -7/8 %) per annum, payable in installments over a period not to exceed fifteen (15) years after the date of such bonds, and that such Indenture of Trust and Loan Agreement and such Industrial Devel- opment Revenue Bonds and shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 20 -80 of the South Bend Economic Development Commission passed on September 26, 1980, is hereby approved; and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of the economic development revenue bonds would be of benefit to the health and welfare of the City of South Bend and that it complies with the purposes and provisions of IC 18- 6 -4.5, as amended and supplanted. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and ap- proval by the Mayor. r Member of the South Bend Common Council FILED IN CLERK'S OFFICE OCT 6 1980 Irene Gammon lsf READING i O -1 S -C40 CITY CLERK, SOUTH BEND, IND. PUBLIC HEAR;NG / 2nd READING /0 _.P7_ e,:p, NOT APPROVED REFERRED PASSED -3-